BeOne Medicines (NASDAQ:ONC) Price Target Raised to $420.00

BeOne Medicines (NASDAQ:ONC) had its target price hoisted by Truist Financial from $418.00 to $420.00 in a report released on Wednesday morning, Marketbeat reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently weighed in on ONC. Wolfe Research reissued an “outperform” rating and set a $370.00 price objective on shares of BeOne Medicines in a report on Monday, August 10th. Morgan Stanley reaffirmed an “overweight” rating on shares of BeOne Medicines in a research note on Thursday, August 6th. Citigroup reiterated an “outperform” rating on shares of BeOne Medicines in a research report on Thursday, August 6th. Barclays boosted their price target on shares of BeOne Medicines from $407.00 to $415.00 and gave the stock an “overweight” rating in a research note on Thursday, September 10th. Finally, TD Cowen increased their price objective on shares of BeOne Medicines from $424.00 to $454.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, BeOne Medicines presently has a consensus rating of “Buy” and an average price target of $404.93.

BeOne Medicines Stock Up 1.2%

NASDAQ ONC opened at $354.47 on Wednesday. The stock has a fifty day moving average of $357.38 and a 200-day moving average of $318.85. The stock has a market capitalization of $38.92 billion, a P/E ratio of 62.41 and a beta of 0.61. BeOne Medicines has a 52 week low of $253.95 and a 52 week high of $385.22. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.06 and a current ratio of 3.40.

BeOne Medicines (NASDAQ:ONC) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.65. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.66 billion. BeOne Medicines had a return on equity of 14.23% and a net margin of 10.70%. On average, equities research analysts forecast that BeOne Medicines will post 8.99 EPS for the current year.

Insiders Place Their Bets

In other BeOne Medicines news, insider Titus B. Ball sold 132 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $355.86, for a total value of $46,973.52. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Oyler sold 54,892 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $358.15, for a total value of $19,659,569.80. Following the transaction, the chief executive officer owned 240,743 shares in the company, valued at approximately $86,222,105.45. This trade represents a 18.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 620,613 shares of company stock valued at $207,379,383 in the last ninety days. 6.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in BeOne Medicines by 7.0% during the first quarter. Bank of America Corp DE now owns 405,273 shares of the company’s stock valued at $120,354,000 after purchasing an additional 26,441 shares during the period. Baird Financial Group Inc. raised its holdings in BeOne Medicines by 5.5% in the second quarter. Baird Financial Group Inc. now owns 368,978 shares of the company’s stock worth $105,148,000 after purchasing an additional 19,327 shares during the period. Candriam S.C.A. raised its holdings in BeOne Medicines by 31.7% in the first quarter. Candriam S.C.A. now owns 259,731 shares of the company’s stock worth $77,132,000 after purchasing an additional 62,470 shares during the period. First Trust Advisors LP boosted its position in shares of BeOne Medicines by 91.9% during the first quarter. First Trust Advisors LP now owns 241,426 shares of the company’s stock worth $71,696,000 after purchasing an additional 115,601 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in shares of BeOne Medicines by 102.1% during the first quarter. Jennison Associates LLC now owns 154,465 shares of the company’s stock worth $45,871,000 after purchasing an additional 78,027 shares in the last quarter. Institutional investors own 48.55% of the company’s stock.

BeOne Medicines Company Profile

BeOne Medicines Ltd. (NASDAQ: ONC) is a global oncology company focused on discovering, developing, manufacturing and commercializing medicines for people with cancer. The company operates across the research and development, clinical testing, regulatory and commercial stages of the biopharmaceutical industry, with an emphasis on treatments for blood cancers and solid tumors.

Its marketed portfolio includes BRUKINSA (zanubrutinib), a Bruton’s tyrosine kinase inhibitor used to treat several B-cell malignancies, and TEVIMBRA (tislelizumab), an immunotherapy targeting the PD-1 pathway for certain cancers.